Analyst Coverage

The table below shows the investment recommendations assigned to FAST RETAILING CO., LTD. by analysts at a variety of major securities companies. This table is intended to introduce the analysts who issue reports about the FR Group. None of the estimates or information on this page is intended as an offer or encouragement to buy, hold or sell securities of FAST RETAILING CO., LTD.

The table is based on reports as of July 31, 2019. It doesn't reflect any report published on or after August 1, 2019, which might have any subsequent changes either in investment ratings or in the analysts covering our company. This table is to be updated, based on the available reports at the end of October 2019.

Company

Analyst(s)

Report Release（Order of Issuance）

Recommen-dation

Target Share Price

UBS Securities Japan Ltd

Ms. Nozomi Moriya

July 18, 2019

Buy

¥77,000

Haitong International Japaninvest KK.

Mr. James Moon

July 18, 2019

N/A

N/A

Goldman Sachs Japan Co., Ltd.

Mr. Sho Kawano

July 11, 2019

N/A

N/A

Citigroup Global Markets Japan Inc.

Ms. Yingqiu Zhang

July 11, 2019

N/A

N/A

CLSA Securities Japan Co., Ltd.

Mr. Oliver Matthew

July 11, 2019

Outperform

¥72,500

Mizuho Securities Co., Ltd.

Mr. Toshio Takahashi

N/A

N/A

N/A

Daiwa Securities Co.Ltd.

Mr. Jun Kawahara

July 11, 2019

N/A

N/A

NOMURA SECURITES CO., Ltd.

Mr. Hidehiko Aoki

July 11, 2019

Neutral

¥73,000

JPMorgan Securities Japan Co., Ltd.

Mr. Dairo Murata

July 11, 2019

N/A

N/A

SMBC NIKKO SECURITIES INC.

Ms. Kuni Kanamori

July 11, 2019

N/A

N/A

Morgan Stanley MUFG Securities Co., Ltd.

Ms. Maki Shinozaki

N/A

N/A

N/A

Jefferies (Japan) Limited

Mr. Michael Jon Allen

July 11, 2019

N/A

N/A

Notes:

1. The securities companies shown in above table issue reports regularly. We would like to reiterate that the information in the above table might not entirely reflect the updated information of the analysts covering the FR Group and some analysts might not be listed.

2. Given that the investment rating and target share price differ among securities companies, please apply directly to each firm regarding their individual definitions and analysis criteria.

3. Please note that any opinions, estimates or forecasts regarding the performance of FAST RETAILING issued by these analysts are entirely their own and do not represent opinions, forecasts or predictions of FAST RETAILING or its management.

4. N/A - Coverage but have declined to supply the specific informationN/A appears in the table where securities companies concerned have declined to supply the specific information.